Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $3 per lb.) Actual direct materials used (AQ) Actual finished units produced 12 per finished unit 330,000 lbs. 68,000 units $907,500 Actual cost of direct materials used AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance.

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yea…